Brian Di Salvo
Partner, Head of Capital Advisory
SIE, Series 82
Brian is a Partner at Park Madison Partners and serves on the firm’s Executive Committee. As Head of Capital Advisory, he leads the origination and execution of GP-led secondaries, including portfolio recapitalizations, fund restructurings, programmatic joint ventures, and other growth equity strategies. He is responsible for driving capital markets solutions through long-standing relationships with institutional investors, lenders, and real estate sponsors. With nearly 20 years of investment experience, Brian has acquired or advised on more than 105 assets totaling over $6 billion.
Prior to joining Park Madison Partners, Brian was Co-Founder and Managing Partner of C6 Real Estate, a New York-based investment firm focused on principal investments and recapitalizations. Previously he led U.S. real estate originations at Partners Group, a global investment management firm with over $100 billion in assets under management, where he was responsible for sourcing, underwriting, and executing complex portfolio recapitalizations. Earlier in his career, he held positions at CBRE and TREC Investment Realty.
Brian is active in his community as the Founder of The Jack DiSalvo Foundation, a 501(c)3 nonprofit organization. He earned a B.S. in Real Estate from the University of Nevada, Las Vegas.
Questions
& Answers
What are the keys to a successful portfolio recapitalization?
A successful portfolio recapitalization must address the goals of all parties involved. This begins by engaging an experienced advisor to conduct a comprehensive market-pricing discovery process. Information transparency and clear, upfront communication with investors are essential. Input from expert tax and legal counsel ensures investors have all necessary information to make decisions. Typically, a recapitalization involves assets where the initial business plans have gone well, but there is still potential for further value creation. The recap provides immediate liquidity and capital distributions for existing investors, while also giving them the option to continue participating in the new venture. For sponsors, this presents an opportunity to drive additional value creation. For new investors, it offers immediate visibility and exposure to attractive, high quality assets at scale through an aligned partnership.
What is fueling the growth of GP-led secondaries?
GP-led secondaries are growing in popularity as a widely accepted and attractive approach for monetizing investments and generating liquidity. These transactions allow general partners (GPs) to retain asset ownership while offering liquidity to existing investors. Additionally, managers can secure fresh capital to execute remaining business plans or acquire new investments. In a higher interest rate and sometimes volatile economic environment, an outright sale may not be the best option for GPs or existing investors. Sectors like housing, logistics, and data centers have experienced substantial growth over the past 3-5 years. This accelerated value creation in these property types facilitates recapitalizations that return equity to investors while offering attractive, pre-specified asset pools to new investors, with plenty of growth potential. As the market and economic cycles mature, we expect GP-led transaction volumes to continue setting new records.
What was your first career aspiration as a child?
I always wanted to be a sports agent, representing athletes in their contract negotiations, particularly in Major League Baseball. Over time, I realized that this was a very "Hollywood" type of career and, while I loved baseball, it wasn't the path I wanted to pursue. I was fortunate to have several mentors who helped guide me, and by the age of 15, I knew that real estate was my true passion.